Saving more

See how putting more into your pension can make a difference to your future.

Making extra payments to 'top up' your pension

Saving more into your pension, means you could have more money to live on when you retire. That means more money to spend on the things you enjoy, such as eating out or going on holiday, as well as cash to cover your bills and your other everyday expenses. 

Read on to find out how saving more is easy with Additional Voluntary Contributions (AVCs). 

Three pink piggy banks with coins going into the middle one
Know what money you need

You can find out how much you’re likely to need to pay for the retirement you want by using the Retirement Budgeting Calculator.

Once you have a target to aim for, log in to your myRPS account and use the Pension Planner tool or request an estimate to see if your pension is likely to cover those costs. If not, saving more now could help give you the lifestyle you want in future.

You might also want to consider saving more if you:

  • have extra earnings such as bonuses or overtime
  • are thinking about taking your benefits early (subject to eligibility), or;
  • want to save a bit more towards your future

Check out the video library for short videos on how to use the Retirement Budgeting Calculator or Pension Planner and for details on how to request an estimate. 

Save more with AVCs

You can save more into your pension by making Additional Voluntary Contributions (AVCs).  These are extra payments made on top of your normal pension contributions. 

Here’s how it works…

  • You can either make AVCs regularly, or as one-off payments.
  • You decide how much you want to pay in with AVCs, starting from as little as £2 per week. You can stop these payments at any time.
  • AVCs are taken from your pay before tax, subject to certain limits. That means you get tax relief just like you do with your regular pension contributions.  
  • If you earn extra money, like overtime and bonuses, that aren’t taken into account for your main Scheme pension, you can use these to pay into your AVCs and boost your savings even further.
  • The money you pay into AVCs is invested in a range of funds with the aim of building up extra benefits over time. You can manage the funds yourself, or have them managed for you. For more information please read the how investments work page.
  • When it comes to using the money you've built up in your AVC pot, this is usually added to your main Scheme pension when you retire, or you can choose to transfer it out.
AVC arrangements in the RPS

As a defined benefit member, your main AVC arrangement in the RPS is called BRASS. There is a limit on the amount you can contribute to BRASS in a Scheme year.

If you reach this limit and still want to pay more, you can apply to join the RPS’ other AVC arrangement, called AVC Extra. This option is not available to Network Rail members.

You can find out more about BRASS and AVC Extra, including details on how to join, in the saving more area of the websiteIf you’re unsure how saving more could work for you, then you could also speak to a financial adviser. Visit the guidance and advice page to find out more. 

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